Wednesday, October 25, 2006
A Waltham man has been convicted in federal court of defrauding more than 50 people in an investment scheme, the US Attorney's Office and the FBI said today.
Mark R. Conway, 45, pleaded guilty Monday to an information charging him with 13 counts of mail and wire fraud, government officials said.
As a managing partner of a hedge fund, Conway made numerous misrepresentations to investors, including promises to follow a specific strategy, then abandoning it without informing them, said the government, which noted that 54 people invested $25 million with Conway based on his misrepresentations.
Upon detection of the fraud, the government seized $14 million from the fund and determined that $5 million was missing.
US District Court Judge Patti B. Saris has scheduled sentencing for Jan. 24; Conway faces up to 20 years in prison, government officials said.
-- Chris Reidy